USD/CAD in highs around 1.3440

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar keeps depreciating vs. its American counterpart on Monday, lifting USD/CAD to fresh highs in the 1.3440 area.

    USD/CAD eyes on US data, oil

    Crude oil prices continue to grind lower today, putting CAD under further selling pressure and pushing spot to trade at shouting distance from cycle highs around 1.3460. Collaborating with the upside, US Treasuries keep sustaining USD current strength following November’s Payrolls and rising bets on a Fed’s lift-off later this month.

    Absent releases in Canada today, the Fed’s Labor Market Conditions Index and Bullard’s speech will grab all the attention in the US docket.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.39% at 1.3429 with the initial hurdle at 1.3458 (2015 high Sep.29) ahead of 1.3500 (psychological level). On the downside, a drop below 1.3217 (38.2% Fibo of 1.3459-1.2827) would expose 1.3187 (100-day sma) and then 1.3069 (61.8% Fibo of 1.3459-1.2827).
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